This Q1 2022 earnings review examines the performance of U.S. bulge bracket banks amid geopolitical uncertainty and slower investment banking activity. The Russia-Ukraine conflict disrupted planned M&A transactions and contributed to a sharp decline in investment banking revenues, which fell by an average of 37% year over year compared with the exceptionally strong environment of Q1 2021. Despite the broader slowdown, M&A advisory revenues remained resilient and posted strong growth, supported by the completion of previously announced transactions. While market volatility and economic uncertainty weighed on new deal activity, banks benefited from existing transaction pipelines and continued client demand for strategic advisory services. The report suggests that M&A activity is likely to re

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